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Daily Real Estate News  |  January 29, 2009  |   Fannie Mae Tries to Speed Up Short Sales
Hoping to expedite the short sale process, Fannie Mae has launched a pilot program in the Orlando area in which 300 homes are preapproved for short sale by the mortgage finance giant to reduce the wait time on offers to a matter of days from several weeks or months.

Rather than wait for various parties involved in the short sale to approve the offer, the Fannie Mae program performs property research and obtains required clearances beforehand.

Mid-Florida Regional Multiple Listing Service President Marty Hunt hopes lenders will be persuaded to create their own fast-track programs, and he believes they could help unload some of the inventory flooding the market by determining beforehand how much they will accept in a short sale.

The regional MLS will mark preapproved short sales so practitioners can push for speedy sales.

Source: Orlando Sentinel, Jerry Jackson (01/28/09)

© Copyright 2009 Information Inc.</a>]

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